Chapter 8 (Health)
According to Florida law, group life insurance conversion privileges must NOT
require evidence of insurability
What is the required minimum percentage of employee participation for a noncontributory group health insurance plan according to Florida Law?
0%
The minimum age at which a person can sign a life insurance application is 15 years
15 years
A person insured under a health policy is required to give the insurance company a Notice of Claim within how many days after a covered loss?
20
Employers with less than __ employees are affected by Florida's Health Insurance Coverage Continuation Act (Mini COBRA).
20
Agents that have been licensed for less than six years must complete __ hours of continuing education every two years.
24
Within how many days after policy delivery can a Medicare Supplement policy be returned for a 100% premium refund?
30
Within how many days must a licensee notify the Department of Financial Services of a change in address?
30
In Florida, a health policy that is paid on a quarterly basis requires a grace period of
31 DAYS
A licensed agent must be appointed by an insurance company to solicit insurance in Florida. The agent's license will terminate if a certain period of time elapses without being appointed. How long is this period of time?
48 months
In Florida, what is the maximum percentage of controlled business an agent may produce?
50%
According to Florida law, an additional lapse notice must be issued after the standard grace period has expired for policyowners age
64 years or older
What do families pay that are covered by the Florida Healthy Kids Corporation?
A portion of the premium
Which of the following is considered to be misrepresentation?
An agent guaranteeing a policy's dividends
An example of false advertising would be
An insurer exaggerating its dividends in a magazine advertisement
When is a Group Health policy required to provide coverage for a newborn child?
At the moment of birth
The Bureau of Unclaimed Property is overseen by the
Chief Financial Officer
Which of the following is an example of an Unfair Trade Practice?
Coercion
Nonprofit life insurance providers that are covered by a special section in the Florida insurance code are called
Fraternal life insurance organizations
All of these are a prerequisite for becoming a licensed agent EXCEPT
Graduate from High School
A Multiple Employer Welfare Arrangement (MEWA) provides what type of benefits?
Insurance
Which of the following situations are NOT subject to Florida life insurance laws?
Insurance companies' day-to-day operations
According to Florida law, which of the following statements accurately describes an admitted mail order insurance company?
It may solicit insurance business by mail without the assistance of a licensed agent
If an agent would like to sell Variable annuities, which state examination must the agent pass?
Life and Variable contracts
Under Florida law, which of the following provisions is NOT required in a Medicare Supplement policy?
Limitation on pre-existing conditions for up to 12 months
According to Florida law, which of the following information does NOT need to be obtained by an agent recommending an annuity purchase?
Marital status
What are adjustable rates for life policy loans in Florida based on?
Moody's corporate bond index
Which type of insurance company allows their policyowners to elect a governing body?
Mutual
Which of the following is NOT an unfair claim settlement practice?
Needing written documentation of claim details
Which of the following documents must an agent submit to the replacing insurance company during the replacement of an existing life insurance policy?
Notice to existing and replacing insurers of intention to replace
How can an agent-in-charge have more than one location?
Only if the agent-in-charge is present when insurance activity occurs
K is an agent who made an improper sale of an annuity to a client. Which of the following corrective actions would the Department of Financial Services likely order K to take?
Pay monetary restitution to the client
Which action could result in a hearing being ordered by the Department of Financial Services?
Performing insurance transactions without a license
Which of the following is NOT required in the Outline of Coverage for a health insurance policy?
Projection of the policy's future costs
Which of the following provisions is NOT required in HMO contracts/certificates?
Seven-day grace period
A mutual insurance company and a stock insurance company have one main difference between them. What is this major contrast?
Stock company is owned by its shareholders. Mutual company is owned by its policyholders.
An agent selling Medicare Supplement policies must provide every applicant with a(n)
Suitability form
Who does an agent represent during the solicitation of insurance?
The insurance company
In order for a domestic, foreign, or alien insurance company to conduct business, it must be authorized by whom?
The state where they are conducting business
Which of the following is considered an accurate statement of an unfair trade practice?
Twisting involves an agent using misrepresentation to convince a policyowner to cancel their current policy so that they can purchase a new life insurance policy with another company
In Florida, deceptive advertising is considered to be
a form of misrepresentation
An example of an unfair trade practice is
an agent making a material misrepresentation to the insured
A variable life insurance agent must be licensed and appointed as a life and variable contract agent, as well as a(n)
broker dealer
An applicant who pays the initial premium at the time of application is typically given a(n)
conditional receipt
Florida's 14-day free-look period for life insurance policies begins at the
date of delivery
In Florida, an insurer domiciled and incorporated in this state is called a(n)
domestic company
An example of an unfair claims practice would be
failing to effectuate prompt, fair, and equitable settlements of a claim
In Florida, an insurer licensed to conduct business in Florida, but domiciled in New Jersey, is called a(n)
foreign company
The Life and Health Insurance Guaranty Association is
funded by admitted insurance companies through assessments
The Florida Employee Health Care Access Act was established to make
group health insurance available to employers with up to 50 employees
Defamation occurs when an agent makes a false statement intended to
malign another insurer
Convincing a prospective insured to buy an insurance policy based on exaggerations is called
misrepresentation
During the course of an insurance transaction, if an agent makes a false or incomplete statement, he/she could be found guilty of
misrepresentation
An example of rebating would be
offering a client something of value not stated in the contract in exchange for their business
According to Florida's life insurance replacement laws, a policyowner must be provided with a written Comparison and Summary Statement when it's requested by
the policyowner
According to Florida law, a Group Life insurance policy requires a minimum of how many insureds?
No minimum
Under Florida law, a variable annuity policyowner must be notified of the accumulated value of the contract
once each year
Upon reaching the limiting age, a handicapped child can extend their health insurance coverage as a dependent
only if the child is incapable of employment and chiefly dependent on the policyowner